Prices of fuel to remain unchanged in the first pricing window of December – IES

The Institute for Energy Security(IES) has predicted petroleum products to remain relatively stable in the first two weeks of December 2023.

IES contends that though the prices of finished products of petrol and Liquefied Petroleum Gas (LPG) went down marginally on the international market during the last two weeks, the cedi depreciated marginally against the US dollar. This would prevent any reduction of fuel on the local market.

“Following the price falls recorded for gasoline [petrol] (1.55%), and LPG (0.66%) on the international market, it is expected that the prices of the two commodities fall on the domestic fuel market. However, this expectation may not be realised due to the cedi’s value decline against the greenback. Also, Gasoil [diesel] price is likely to remain unchanged given the marginal increment of 0.04% on the world market and the Ghana cedi’s depreciation (0.30%) being insignificant to cause a change”.

On the world fuel market, the IES said, the Global Standard & Poor (S&P) Platts averages tracked over the past two weeks of November 2023 showed that the price of petrol and LPG went down, whilst diesel went up marginally.

“At the close of November 26, 2023, petrol, diesel and LPG traded at $788.75, $850.00, and $522.75 per metric tonne respectively. The net price effects realised because of the change is a decrease of about 1.55% for petrol and 0.66% for LPG, whereas diesel increased marginally by 0.04%”.

Local fuel market performance.

On the local market performance, the price of petrol dropped on average by ¢0.27 per litre, while the price of diesel dropped by ¢0.32 per litre.

“The Institute for Energy Security’s (IES) analysis of price data gathered over the last 15 days ending November 26, 2023, pegged the national average litre price of petrol at ¢12.21 and diesel at ¢13.10. The price of Liquefied Petroleum Gas also stands at ¢13 per kilogramme (kg) on average terms”.